Cutting tools are well known and have a variety of applications in the manufacturing industry, including the turning of the interior or exterior of metal components such as break drums or pistons.
The typical cutting tool comprises a cutting tip of hard material such as diamond or carborundum detachably secured to a cutting tip support, which in turn is releasably held in position by a shank. Commonly, the cutting tip is secured directly to the support by adhesive or a bolt.
The extremely tight tolerances required in cutting tool applications necessitates both that the cutting tip be precisely secured to the cutting tip support, and that the support be precisely positioned on the shank. However, cutting tips are subject to wear and must frequently be replaced; a process which typically requires that the cutting tip support be removed from the shank. Unfortunately, replacement of the cutting tip, as well as repositioning of the support on the shank, are manual operations. As a result, it is not uncommon for the functional performance of the cutting tool to be degraded.